What is Stéphane Bancel’s fortune and salary?
Stéphane Bancel is a French billionaire businessman who has a net worth of $6 billion. Stéphane Bancel, better known as CEO of the biotechnology and pharmaceutical company Moderna. Focusing on mRNA vaccines, the company launched its first commercial product, the COVID-19 vaccine, in 2020. Prior to joining Moderna, Bancel was the CEO of multinational biotech company bioMérieux.
Moderna went public in 2018 with the biggest biotech IPO of all time, raising $604 million.
Today Bancel directly owns just over 5% of Moderna. He also has the option of owning another, around 5%, through stock options based on performance targets.
Youth and education
Stéphane Bancel was born on July 20, 1972 in Marseille, France, to a doctor mother and an engineer father. Growing up, he was good at math and science. For his graduate studies, Bancel studied engineering at CentraleSupélec, earning his master’s degree; he later earned another master’s degree in biological engineering from the University of Minnesota. Bancel went on to earn an MBA from Harvard Business School.
Bancel began his career as a sales manager at the pharmaceutical company Eli Lilly and Company, before becoming operations manager for its Belgian site. He then became CEO of the French multinational biotechnology company bioMérieux, which provides diagnostic solutions through instruments and services to determine the sources of contamination and disease. Among other things, the Company’s products are used for cancer monitoring and screening, diagnosis of infectious diseases, and inspection of food, cosmetics and pharmaceuticals for microorganisms. As CEO, Bancel has been credited with improving bioMérieux’s margins.
In 2011, Bancel became the CEO of the Cambridge, Mass.-based biotech and pharmaceutical company Moderna, which had been founded the previous year. The company raised $40 million at the end of 2012 and reached a unicorn valuation. In early 2013, Moderna signed a five-year option agreement with biotech and pharmaceutical company AstraZeneca to develop mRNA therapies in a number of therapeutic medical areas. Later that year, Moderna received $25 million from DARPA to develop messenger RNA therapies. The company continued to test the mRNA technology over the following years and in 2018 opened a 200,000 square foot facility in Norwood, Massachusetts for clinical and preclinical work as well as manufacturing. . In late 2018, Moderna completed the largest initial public offering in biotech history, ultimately raising $621 million. In addition to serving as CEO, Bancel owns about 9% of Moderna’s equity.
In collaboration with the Biomedical Advanced Research and Development Authority and the US National Institute of Allergy and Infectious Diseases, Moderna has developed a COVID-19 vaccine using mRNA technology. In March 2020, the FDA approved clinical trials of the vaccine; after the trials ended in November, the vaccine was confirmed to be 100% effective in preventing severe cases of COVID-19. The vaccine subsequently received emergency use authorization in the United States, and shortly thereafter in Canada and the European Union as well.
The COVID-19 vaccine, sold under the Spikevax brand, was approved in 70 countries in 2021. Moderna had an international team of 3,000 people, with 21 commercial subsidiaries operating around the world. Also in 2021, Moderna began work on a combination flu vaccine and a COVID-19 vaccine booster.
Other business activities
In his other business ventures, Bancel is a partner at Flagship Pioneering, a Cambridge, Massachusetts-based life sciences venture capital firm that invests in and incubates companies. Moderna is part of its portfolio of companies, as are Novomer and Indigo Agriculture. During this time, Bancel served on the boards of Indigo Agriculture, the Boston Museum of Science, and the German diagnostics and research company QIAGEN.